10 Deadly Mistakes of Entrepreneurship Can Kill Your Startup

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Running a business can be very difficult at times, and the startup phase can be especially hard. G...

Running a business can be very difficult at times, and the startup
phase can be especially hard. Going from startup to business success is a rocky road filled with land mines. Sometimes it’s tough to decide what
procedures and processes are right for your company. In the midst of
crunching numbers and researching your market, it can be easy to make
common mistakes. To decide what’s right, it often helps to know what’s
wrong. So we’ve put together a list 10 startup mistakes you definitely
don’t want to make.

1. Lack of planning:Planning
is always the first step in a starting a business (or any other venture
that you really want to succeed). A business plan is the custom road
map to your company’s bright future. Before business building truly
begins, it’s important to collect your ideas and goals and plan out your
ideal path to the future.Recommended:

2. Incorrectly handling money:It’s
easy to get very excited and think you need to spend a ton of your
funds on unnecessary expenses. That’s why it’s important to carefully
consider all financial decisions at the beginning. Starting a business
often comes with unexpected costs, and it’s important to be financially
prepared. Take firm control of money management at this point in your
business, and it will pay off in the future.

3. Being too rigid:To
truly be successful, you also need to be some what flexible. You must
be prepared to move with the market and adjust to your customers’ or
clients’ needs and wants.

4. Ignoring a hunch:Constantly
analyzing your decisions and carefully crunching numbers is vitally
important, but don’t let this make you ignore your gut. Your hunches are
what started this business.Also read: 10 Mistakes to Avoid When Naming Your Business

5. Not knowing when to hire:Knowing
when to hire employees is a difficult task. If you hire too soon, you
could burn through essential startup funds, and if you wait too long,
you could be stressed and work might have backed up. Keep in touch with
the growth and needs of your business, and keep in mind what your budget
allows.

6. Underestimating competitors:It’s
important to see what you’re up against when starting a business. Even
if you find that competition is slim, you should prepare for future
competitors. Constantly monitoring and analyzing the competitive
landscape will keep you on your toes.Also read: 3 Startup Branding Mistakes Will Kill Your Entrepreneurship

7. Not setting goals:For
your business to grow, you need to be continuously setting and reaching
goals. Setting goals helps your business distinguish its path and
direction and helps you maintain control.

8. Lack of research:Research
is not an area you want to skimp on. It’s important to find new ways to
simplify and streamline things, to see what your customers’ or clients’
needs and wants are and to prepare for the future. Intense research can
ensure you are up-to-date on everything that is presently going on in
your market.Also read: Top 10 Ways to Be a Successful Entrepreneur

9. Losing momentum and focus:Momentum
and intense focus are needed to meet the goals you’ve set for your
company. It’s easy to get distracted or discouraged and lose these two
business life forces. Keep your forward momentum by keeping your focus —
these two things go hand-in-hand to keep your business growing.

10. Undercharging for a product or service:The
retail price for your product or service should be a carefully designed
number. Many new business owners make the mistake of assigning a price
without really breaking things down. You need to take into account how
much it costs to make or provide your product or service, what
competitors are charging for something similar, your profit margin and
much more. If you undercharge, you are on track to lose money.

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